CIGNA to Sell Units To Swiss Re

CIGNA Corp. has agreed to sell its U.S. individual and group life reinsurance and U.S. accidental death reinsurance businesses to Life Reassurance Corp. of America, a subsidiary of Swiss Reinsurance Co. CIGNA expects to receive cash consideration of roughly $170 million.

CIGNA will retain its other lines of reinsurance, including global accident, domestic health, specialty life and international life and health. However, these lines will be discontinued as CIGNA reviews the reserve assumptions for the liabilities associated with specialty life minimum death benefit contracts. While the charges resulting from this review could adversely affect operations results, CIGNA does not foresee them as being material to company liquidity or financial condition.

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